Vanguard High-Yield Tax-Exempt Fund Investor Shares
VWAHX
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USD
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Capital Structure
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Jan 2, 1980
- CIK
- 0000225997
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard High-Yield Tax-Exempt Fund (VWAHX) is an open-end mutual fund managed by Vanguard that seeks a high and sustainable level of current income exempt from federal personal income taxes through investments primarily in high-yielding, tax-exempt municipal bonds. The fund invests in a diversified portfolio of investment-grade and below-investment-grade municipal securities, including revenue bonds from sectors such as hospitals (15% of assets), airports (8%), higher education (7%), industrial and development (20%), and housing (6%); top holdings feature Puerto Rico Sales Tax Financing Corp. sales tax revenue bonds, Buckeye Ohio Tobacco Settlement Financing Authority bonds, and various toll road, clean energy, and airport revenue bonds, with no single position exceeding 1% for broad diversification. It maintains a moderate credit risk profile with approximately 42% in BBB or lower-rated (including nonrated) bonds as of December 2024, an effective duration of 8.36 years, and an ultralow adjusted expense ratio of 0.17%, positioning it in the Muni National Long category while taking on more credit risk than typical peers. The fund, launched in 1984 and based in Malvern, Pennsylvania as part of The Vanguard Group, Inc., operates nationwide across U.S. municipal bond markets, targeting individual and institutional investors seeking tax-efficient income with a minimum initial investment of $3,000 for Investor Shares. In recent developments, Vanguard added veteran portfolio manager Adam Ferguson as comanager in late 2023 alongside lead manager Mathew Kiselak (managing since 2010) to support long-term succession planning for its active municipal strategies; the firm implemented its largest fee cuts in early 2025 at an estimated cost of $350 million, launched approximately a dozen low-cost bond ETFs including actively managed options aligned with its conservative philosophy over the prior 12 months through June 2025, and entered a collaboration with Wellington and Blackstone for private assets access without notable conflicts to date.